Response to query in delay in acceptance of the resignation of Mr. Sesha Chary Phaniharam (DIN: 07766151) and resignation copy attached.
Awaiting price reaction for this filing.
Mr. Sesha Chary Phaniharam (DIN: 07766151), a Director on the board of AJEL Limited, resigned on 12th April 2025 citing personal preoccupations and inability to perform his duties, with immediate effect. The Board's acceptance of the resignation was delayed, occurring only at a board meeting held late on 23rd April 2025 (4:00 PM to 4:15 PM). The Managing Director, Mr. Srinivasa Reddy Arikatla (DIN: 01673552), attributed the delay to his own illness (stomach infection lasting 6 days). The disclosure was filed with BSE on 10th May 2025 after the exchange raised a query about the delay in accepting the resignation.
The resignation of a board member signals a change in board composition that investors should monitor. The delayed acceptance of the resignation and the late regulatory filing, which prompted a BSE query, raise governance and compliance red flags that may concern institutional investors.